The former Uttar Pradesh chief minister also accused the BJP of misleading the people on issues such as the loan waiver for farmers and corruption.
The ministry was receiving requests from various industries and sectors requesting for changes in GST slabs, which were done depending on merits, the minister of state for finance told reporters here.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts as members, had on Friday last cut rates on 27 items. These included lowering rates on man-made yarn to 12 per cent from 18 per cent as well as zari job work to 5 per cent from the 12 per cent earlier.
The GST Council on Friday hiked the threshold turnover for the composition scheme that allows SMEs to pay 1-5 per cent tax without going through tedious formalities.
The Finance Minister Arun Jaitley-headed panel pushed for big changes in its 22nd meeting to iron out rough edges of the new tax system that has been hit by multiple pain points, said a report.
Most FMCG firms were hit by de-stocking by channel partners ahead of the implementation of the Goods and Services Tax (GST) in July this year due to uncertainties of transition to the new system.
The Council also rationalised rates for 12 services.
The Finance Minister Arun Jaitley-headed panel pushed for big changes in its 22nd meeting to iron out rough edges of the new tax system that has been hit by multiple pain points since it was rolled out on July 1.
The Council approved a proposal that allows small tax payers with a turnover of less than Rs 1.5 crore to file quarterly returns.
A day before, Rajnish Kumar, Bhattacharya's successor, told the media that reviving credit growth and resolution of stressed assets will be his top priority.
Live updates as the GST Council sits down to debate changes to the tax reform.
CNBC-TV18's Ronojoy Banerjee caught up Senior Congress Leader, Kamal Nath, who said that the Congress will support the measures that will help ease GST compliance. He also talked about the steps needed to put growth back on track.
"Structural changes will take six months to two years time to show results. There may be some short term (hiccups). As I said, next year, if the government continues with the pace of forward looking reforms and does electioneering campaign for polls in balance, then I don't see any risk to our potential for growth," Munjal told reporters here.
According to the Japanese financial services major, there could be some downside to the RBI's near-term projections.
"Discussions are going on about the country, its economy and also GST - its effects, after-effects and side-effects. Let the discussions go on. It is always good for democracy," Naidu said during his speech at the International Conference on Technological Advancements in Railway and Metro Projects.
Speaking at the India Economic Summit of the WEF, he said the sector if given benefits in terms of taxation and cost, there is no reason why India will not emerge as the fastest growing aviation market in the world in the next decade.
Under the GST regime, hotels with room rent exceeding Rs 7,500 attract tax rate of 28 per cent, while accommodation in any hotel, including 5-star hotels, with tariff of less than Rs 7,500 per day is to be taxed at 18 per cent.
Sunil Peter, chief executive officer of the Singapore Indian Chambers of Commerce and Industry (SICCI), said the arbitration courts could help in quick conflict resolution which will strengthen and encourage companies to enter and grow their investments in India.
India's economy failed to meet expectations for the April-June quarter as gross domestic product growth slowed to 5.7 percent — the country's lowest pace since early 2014.
Prime Minister Narendra Modi brainstormed for over three hours with Arun Jaitley and BJP president Amit Shah on Thursday.
Prime Minister Narendra Modi's administration has done "many good things" such as implementing a goods and services tax and a new bankruptcy law, according to Srivatsan Rajan, chairman of Bain & Company India. But, he added, increasing the banks' ability to lend is what will get the economy going again.
The lingering impact of the government's cash ban late last year pushed growth in Asia's third-largest economy to slow unexpectedly to a three-year low of 5.7 percent in the April-June quarter from a year earlier.
Former RBI Governor C Rangarajan today said GST is an important step forward but the government should focus on reviving private sector investments.
Noting that film producers were facing difficulties after the implementation of the Goods and Services Tax from July 1, the council in a statement said the announcement of levying an additional 10 per cent local body tax has come as a 'shock' to the industry. There's been a 28 per cent GST on films.
Prime Minister Narendra Modi-headed Cabinet may also approve creation of the post of chairman and four technical members of the authority tomorrow, officials said.